The U.S. immigration landscape is undergoing significant changes as the EB-5 visa program has fully allocated its unreserved visas for Fiscal Year 2024, while the EB-3, EB-2, and Employment Worker (EW) visa limits have also been reached. The EB-5 visa program, established in 1990, allows foreign investors to obtain a green card in exchange for investing in U.S. businesses. This year, the swift allocation of EB-5 visas was influenced by the EB-5 Reform and Integrity Act of 2022, which allowed for the carryover of unused reserved visas from FY 2022 [dbdc2749]. As a result, no further EB-5 visas will be issued until the new fiscal year begins on October 1, 2024, raising concerns for foreign investors seeking to immigrate to the U.S. [dbdc2749].
In response to the challenges faced by EB-5 investors, the U.S. Citizenship and Immigration Services (USCIS) has recently revised its rules to enhance protections for these applicants. The new policy aims to safeguard legitimate investors who may encounter issues with regional centers, which are entities that facilitate EB-5 investments. Under the revised rules, investors can now re-associate with new entities if their original regional center is terminated, emphasizing transparency and compliance in the program [8e1c9cbb]. The EB-5 visa requires a minimum investment of $800,000 in Target Employment Areas or $1,050,000 elsewhere, and mandates the creation of ten jobs for U.S. workers [8e1c9cbb]. Furthermore, the October 2024 Visa Bulletin indicates that reserved visa categories will remain open for the 2025 fiscal year, providing some hope for future applicants [8e1c9cbb].
The revised policies also include increased oversight, regular audits, and enhanced reporting requirements for regional centers, aiming to protect good faith investors from misconduct. Investors can now seek compensation for losses incurred due to fraud, which is a significant step towards ensuring the integrity of the EB-5 program [83ed2697].
In a parallel development, the U.S. Bureau of Consular Affairs has announced that the cap for EB-3, EB-2, and EW visas for FY 2024 has also been reached. This means that U.S. embassies will not issue any more visas in these categories until October 1, 2024. The EB-3 visa category, which includes skilled, professional, and unskilled workers, is allocated 28.6% of the employment-based visa limit, with a cap of 10,000 for EW visas [ef89e8db]. The EB-2 visa, designated for professionals with advanced degrees or exceptional abilities, has also reached its annual limit of approximately 47,000 visas, which is 28.6% of the worldwide employment-based preference level [d2dca7e0]. The demand for these visas has surged, reflecting a growing reliance on international workers to fill labor shortages in various sectors. Notably, demand for EB-2 visas exceeds the available quota by over four times, with more than 180,000 applications for just 40,000 visas [d2dca7e0]. This situation leaves many highly qualified individuals, including medical professionals and IT innovators, without options, creating uncertainty for applicants who have been waiting months or years for their applications to progress [7d17c960].
The situation is further complicated by President Biden's recent executive order, which provides undocumented spouses of U.S. citizens a pathway to permanent residency. However, this order does not address the significant backlog affecting many applicants, particularly those from India, where over one million individuals are waiting for green cards. The backlog is exacerbated by per-country limits on green cards, leading to lengthy waiting periods and potential deportation risks for children of legal immigrants who 'age out' of eligibility [3409e98f].
Additionally, the controversial Project 2025 plan proposed by former President Trump's allies threatens to eliminate fifteen categories of immigration, including affirmative asylum and Temporary Protected Status (TPS). This could have dire consequences for the U.S. economy, potentially adding hundreds of thousands to the unauthorized immigrant population and resulting in billions in unrealized economic activity [d447d337].